This study investigates the impact of renewable energy consumption (REC), nonrenewable energy consumption (NREC), and carbon emissions on economic growth in 133 Belt and Road Initiative (BRI) countries from 1996 to 2020. We divided our sample into four income groups. For empirical estimation, this study employs panel quantile regression (PQR), and fully modified ordinary least squares (FMOLS) estimation techniques. The results confirm that REC have a positive impact on economic growth and NREC has a negative impact on economic growth. A 1% increase in REC and carbon emissions results in an increase in economic growth of 0.108% and 1.085%, respectively. A 1% increase in NREC reduces economic growth by 0.263% in the full sample countries. There are regional differences, although NREC has a positive impact on economic growth in all income groups in the long run. These novel empirical findings will help policymakers design energy policies to fulfill the target of economic growth in BRI countries.
MofijurMMahliaTMISilitongaAS,et al.Phase change materials, PCM for solar energy usages and storage: an overview. Energies2019; 12: 3167.
2.
ZhangKMWenZG. Review and challenges of policies of environmental protection and sustainable development in China. J Environ Manag2008; 88: 1249–1261.
3.
JiangTYangJHuangS. Evolution and driving factors of CO2 emissions structure in China’s heating and power industries: the supply-side and demand-side dual perspectives. J Cleaner Prod2020; 264: 121507.
4.
ChenXHaoG. Sustainable pricing and production policies for two competing firms with carbon emissions tax. Int J Prod Res2015; 53: 6408–6420.
5.
DavidsonDJ. Exnovating for a renewable energy transition. Nat Energy2019; 4: 254–256.
6.
RazaSAShahSHYousufiSQ. The impact of public-private partnerships investment in energy on carbon emissions: evidence from nonparametric causality-in-quantiles. Environ Sci Pollut Res2021; 18: 1–11. https://doi.org/10.1007/s11356-020-12306-6
7.
HasanovFBulutCSuleymanovE. Review of energy-growth nexus: a panel analysis for ten eurasian oil exporting countries. Renew Sust Energy Rev2017; 73: 369–386.
8.
ZhaoZJSuGLiD. The rise of public-private partnerships in China. J Chin Gov2018; 3: 158–176.
9.
KhanAChenggangYHussainJ,et al.Impact of technological innovation, financial development and foreign direct investment on renewable energy, non-renewable energy and the environment in belt & road initiative countries. Renew Energy2021; 171: 479–491.
10.
AbbasQNurunnabiMAlfakhriY,et al.The role of fixed capital formation, renewable and non-renewable energy in economic growth and carbon emission: a case study of belt and road initiative project. Environ Sci Pollut Res2020; 27: 45476–45486.
11.
RaufALiuXAminW,et al.Does sustainable growth, energy consumption and environment challenges matter for belt and road initiative feat? A novel empirical investigation. J Cleaner Prod2020; 262: 121344.
12.
ChangCPWangQJ. Do environmental performance and renewable energy move together?Energy Res Lett2021. Published. https://doi.org/10.46557/001c.25731
13.
WangQDongZLiR,et al.Renewable energy and economic growth: new insight from country risks. Energy2022; 238: 122018.
14.
Appiah-OtooI. Impact of economic policy uncertainty on renewable energy growth. Energy Res Lett2021. Published. https://doi.org/10.46557/001c.19444
15.
WangQGuoJLiR. Official development assistance and carbon emissions of recipient countries: a dynamic panel threshold analysis for low- and lower-middle-income countries. Sustain Prod Consum2022; 29: 158–170.
16.
WangQWangXLiR. Does urbanization redefine the environmental Kuznets curve? An empirical analysis of 134 countries. Sustain Cities Society2022; 76: 103382.
17.
WuYWangJJiS,et al.Renewable energy investment risk assessment for nations along China’s belt & road initiative: an ANP-cloud model method. Energy2020; 190: 116381.
18.
XuLJFanXCWangWQ,et al.Renewable and sustainable energy of Xinjiang and development strategy of node areas in the “silk road economic belt”. Renew Sustain Energy Rev2017; 79: 274–285.
19.
CeesayEKFrancisPCJawnehS,et al.Climate change, growth in agriculture value-added, food availability and economic growth nexus in the Gambia: a Granger causality and ARDL modeling approach. SN Business Econ2021; 1. https://doi.org/10.1007/s43546-021-00100-6
HarrisRSollisR. Applied time series modelling and forecasting. Chichester: Wiley, 2003. ISBN 9780470844434.
22.
PesaranMH. General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435. 2004.
23.
PesaranMH. A simple panel unit root test in the presence of cross-section dependence. J Appl Econ2007; 22: 265–312.
24.
AkramRChenFKhalidF,et al.Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: a fixed effect panel quantile regression analysis. Energy2021; 215: 119019.
AminADoganEKhanZ. The impacts of different proxies for financialization on carbon emissions in top-ten emitter countries. Sci Total Environ2020; 740: 140127.
29.
ZhouALiJ. Heterogeneous role of renewable energy consumption in economic growth and emissions reduction: evidence from a panel quantile regression. Environ Sci Pollut Res2019; 26: 22575–22595.
30.
ChenWLeiY. The impacts of renewable energy and technological innovation on environment-energy-growth nexus: new evidence from a panel quantile regression. Renew Energy2018; 123: 1–14.
31.
AydinM. Renewable and nonrenewable electricity consumption–economic growth nexus: evidence from OECD countries. Renew Energy2019; 136: 599–606.
32.
HussainMNLiZSattarA. Effects of urbanization and nonrenewable energy on carbon emission in Africa. Environ Sci Pollut Res2021. Published. https://doi.org/10.1007/s11356-021-17738-2
33.
SunHSamuelCAAmissahJCK,et al.Non-linear nexus between CO2 emissions and economic growth: a comparison of OECD and B&R countries. Energy2020; 212: 118637.
34.
AzamARafiqMShafiqueM,et al.Analyzing the relationship between economic growth and electricity consumption from renewable and nonrenewable sources: fresh evidence from newly industrialized countries. Sustain Energy Technol Assess2021; 44: 100991.
35.
DoganEAltinozBMadalenoM,et al.The impact of renewable energy consumption to economic growth: a replication and extension of. Energy Econ2020; 90: 104866.
36.
DongYFanC. The role of China’s aid and ODI in the economic growth of African countries. Emerg Mark Rev2020; 44: 100713.
37.
WenJFengGFChangCP,et al.Stock liquidity and enterprise innovation: new evidence from China. Eur J Finance2017; 24: 683–713.
38.
ArmeanuDSJoldesCCGherghinaSC,et al.Understanding the multidimensional linkages among renewable energy, pollution, economic growth and urbanization in contemporary economies: quantitative assessments across different income countries’ groups. Renew Sustain Energy Rev2021; 142: 110818.
39.
NtanosSSkordoulisMKyriakopoulosG, et al.Renewable energy and economic growth: evidence from European countries. Sustainability2018; 10: 2626.
40.
HuMLiRYouW,et al.Spatiotemporal evolution of decoupling and driving forces of CO2 emissions on economic growth along the belt and road. J Cleaner Prod2020; 277: 123272.
DongKDongXJiangQ. How renewable energy consumption lower global CO2 emissions? Evidence from countries with different income levels. The World Economy2020; 43: 1665–1698.
